Conventional Checklist
Hotel Purchase Conventional Loan Checklist
Part 1: Guarantors’ Financials
- Download the following zip file. It is an excel form with two tabs, one for your real estate under personal ownership, the other all your business partnerships (affiliates)
- Last statements for checking and saving account, stock and IRA/401K account, and the life insurance if there is a cash surrender value
- Last mortgage statement for all real estate owned
- Consumer Experian and Equifax credit reports from www.annualcreditreport.com or Credit Karma
- Three years of personal electronic FULL COPY of federal 1040 returns
- A copy of drives license
- Guarantor’s financial of the other affiliates owned at 20% or more:
- Three years of federal tax return of the affiliates
- Affiliate’s interim financial statement (profit and loss and balance sheet)
- Affiliate’s Last mortgage statement
- Affiliate’s last bank statement
Part 2: Hotel’s Financials
- Three years of hotel’s electronic FULL COPY of federal tax returns
- Interim profit and loss and balance sheet
- Purchase and Sale agreement
- Last quality inspection report if a franchise hotel
- STAR reports for the December of previous 2 years
- STAR report of the last month available
- Manager’s statistics report from the franchise management system as of prior day and as of December 31st of the past two years
- Customer segmentation: percentage of occupancy for the transient, freeway, business, contracts, and others
- Copy of any business contracts if applicable
- Capital expenditure (Major items and the corresponding costs) for the past two years
- Hotel specifications: Year built, Rooms (interior/exterior), Number of buildings and floors, square footage of the building and acreage of the land,etc.
- A copy of the last survey from the seller
- Last appraisal and phase I report if available from the seller
Hotel Refinance Conventional Loan Checklist
Part 1: Guarantors’ Financials
- Download the following zip file. It is an excel form with two tabs, one for your real estate under personal ownership, the other all your business partnerships (affiliates)
- Last statements for checking and saving account, stock and IRA/401K account, and the life insurance if there is a cash surrender value
- Last mortgage statement for all real estate owned
- Consumer Experian and Equifax credit reports from www.annualcreditreport.com or Credit Karma
- Three years of personal electronic FULL COPY of federal 1040 returns
- A copy of drives license
- Guarantor’s financial of the other affiliates owned at 20% or more:
- Three years of federal tax return of the affiliates
- Affiliate’s interim financial statement (profit and loss and balance sheet)
- Affiliate’s Last mortgage statement
Part 2: Hotel’s Financials
- Three years of hotel’s electronic FULL COPY of federal tax returns
- Interim profit and loss and balance sheet
- Promissory note if it is a refinance
- Last mortgage statement
- If 504 loan, last SBA debenture loan statement
- EIDL loan documents
- A copy of the franchise agreement
- Last quality inspection report
- Last cleared Property Improvement Plan (PIP) report
- STAR reports for the December of previous 2 years
- STAR report of the last month available
- Manager’s statistics report from the franchise management system as of prior day and as of December 31st of the past two years
- Customer segmentation: percentage of occupancy for the transient, freeway, business, contracts, and others
- Copy of any business contracts
- Capital expenditure (Major items and the corresponding costs) for the past two years
- Hotel specifications: Year built, Rooms (interior/exterior), Number of buildings and floors, square footage of the building and acreage of the land,etc.
- A copy of the last survey
- Last appraisal and phase I report if available